Elements of project risk management
Project risk management is an essential project management strategy that aims to minimize the number of surprises that occur during a project’s execution. Despite the fact that it is impossible to forecast the future with absolute certainty, a straightforward and simplified risk management method may be used to anticipate uncertainties and reduce their occurrence or effect. This raises the probability that the project will be completed successfully and decreases the implications of these risks.
The basic processes for project risk management are therefore the following:
- Risk identification, or the identification of risks or their sources.
- Risk evaluation, or the evaluation of risks in terms of probability and impact to establish an order of priority among the identified risks.
- Risk handling, which is the process that identifies, evaluates, selects, and implements various remediations in order to obtain an acceptable risk...
